As this week came to and end in the stock market the Dow Jones Industrial Average moved slightly higher to the upside as the Nasdaq Composite Index and S&P 500 declined slightly lower to the downside. The Dow Jones Industrial Average along with the S&P 500 finished the week to close with their best month since the start of 2010.
The price of gold continued to move lower for the sixth consecutive week in a row ending the week trading at $1,180.90 per troy ounce down -$8.40 or -0.71% for the week. The U.S. Dollar continues to take a beating against a basket of major currency pairs as it continues its decline for the eight week in a row as the (VIX) Volatility Index continues to slide. There was also a slight pullback in the price of the oil index as it ended the week trading at $78.96 per barrel down -$0.02 or -0.03% lower.
The top 5 sectors in the market were all on the downside as the week came to a close. There was a pullback in financial stocks as they fell -0.45% for the week, followed by Consumer Staples -1.42%, Utilities -1.54%, Energy -1.57% and Healthcare -1.91%. The top 5 stock market movers for the week were (PWER) Power One +24.80%, (SWIR) Sierra Wireless +21.64%, (CAK) Camac Energy +21.62%, (MXWL) Maxwell Technologies +21.42%, and (AXTI) American Xtal Technology +18.75% for the week.
The Dow Jones Industrials began the week trading at 10,424.17 but moved to a low in the 10,347.50 area before ending the week trading higher to the upside. Downside support is at 10,221.10 with upside resistance at 10,594.16.
The top Dow 30 stocks to end the day higher on Friday before the market closed were companies such as (HD) Home Depot +1.64%, (BA) Boeing +1.37%, (AA) Alcoa +1.36%, (VZ) Verizon +0.62, and (MCD) McDonalds +0.50%.
As the stock market came to a close to end the week the Dow Jones Industrial Average closed at 10,465.94 +41.32 +0.40% on lighter than averagae upside volume of 3.66 billion. The average weekly trading volume for the Dow Jones Industrial Average is 4.59 billion.
As for the tech weighed Nasdaq Composite Index there was a pullback in the index after an advance the week prior. The Nasdaq began the week trading at 2,271.62 but moved as low as 2,218.61 before ending the week trading slightly higher to the upside. Downside support for the index is currently at 2,195.95 with upside resistance in the 2,341.11 area.
The top 5 stocks in the Nasdaq 100 to end the day trading higher to the upside on Friday were (EXPE) Expedia +7.64%, (WCRX) Warner Chilcott +4.96%, (TEVA) Teva Pharmaceuticals +3.56%, (XRAY) Dentsply International +3.37% and (RIMM) Research In Motion +3.29%.
The Nasdaq is currently above its 5, 10, 50 and 200 week moving averages but below its 32 week moving average at 2,287.45. To end the week the Nasdaq closed at 2,254.70 down -14.77 or -0.65% on lighter than average downside volume of 10.54 billion. The average weekly trading volume for the tech weighed Nasdaq Composite Index is 11.07 billion.
The Standard and Poors 500 followed the Dow Jones Industrials higher to the upside to end the month up over 7%, it's best monthly price move since July of 2009. The index began the week trading at 1,102.89 but ended the week trading slightly lower to the downside. The index is above all of its major moving averages but slightly below its 32 week moving average. Downside support for the index is currently at 1,117.86.
The top stocks in the S&P 500 to end the trading day on Friday were companies such as (MFE) McAfee +9.42%, (EXPE) Expedia +7.64%, (CVH) Coventry Health Care +5.2%, (EMN) Eastman Chemical Co. +4.82%, and (MET) Metlife +4.63%.
The Standard and Poors 500 ended the week trading at 1,101.60 down -1.06 or -0.10% on lighter than average downside volume of 18.4 billion. The average weekly volume for the S&P 500 is 20.65 billion.
By: Marlin Rolle
*** Please have a close look at the charts listed below ****